The global solar capacity has exploded from 1.22 gigawatts (GW) in 2000 to 1,418.97 GW in 2023, growing at an annual rate of 40%, and is projected to reach between 5,457 and 7,203 GW by 2030, according to a study.
In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide. Solar generation has similarly surged, rocketing from 1.03 TWh in 2000 to 1,628.27 TWh in 2023. By the close of 2024, global solar manufacturing capacity is projected to exceed 1,100 GW, which is more than twice the anticipated demand for PV panels.
Investments in solar represented 59% ($393 billion) of all RE investments ($673 billion), driven largely by a drop in solar panel costs. Solar cell prices have reached $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology, says a recent 'World Solar Reports' from International Solar Alliance (ISA), an international organisation with 120 member and signatory countries.
The ISA’s mission is to unlock $1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. Currently, Pralhad Joshi, India's Union Minister for New and Renewable Energy, is the President of ISA.
Global energy investments are set to soar from $2.4 trillion in 2018 to a projected $3.1 trillion in 2024, marking a steady annual growth rate of nearly 5%. Global clean energy investment now nearly doubles that of fossil fuels, set to leap from $1.2 trillion in 2018 to $2 trillion by 2024.
ISA's Technology trend report states that solar PV monocrystalline modules have hit a new high with 24.9% efficiency—a major leap in maximising solar energy potential. Multi-junction perovskite cells are set to disrupt the solar panel industry, promising higher efficiency, lower production costs, and seamless integration with diverse surfaces—leaving traditional silicon panels in the dust.
The manufacturing process also has undergone significant improvements, resulting in a drastic reduction in silicon usage—from consuming 16 gm/Wp (watt peak) in 2004 to 2 gm/Wp in 2023. This 88% decrease in silicon consumption highlights the strides made in optimising material efficiency and the potential for further cost reductions, according to the ISA.
